The One and Only Pub Co Ltd - Abbreviated accounts 16.1

REGISTERED NUMBER: 03938353 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 29 FEBRUARY 2016

FOR

THE ONE AND ONLY PUB COMPANY LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTOR:

J S Mogg

REGISTERED OFFICE:

Bird in Hand

1 Queen Square

North Curry

Taunton

Somerset

TA3 6LT

REGISTERED NUMBER:

03938353 (England and Wales)

ACCOUNTANTS:

Goldwyns (Bristol) Limited

Chartered Accountants

9 Portland Square

BRISTOL

BS2 8ST

FIXED ASSETS

Intangible assets

2

20,000

Tangible assets

3

640,267

644,005

660,267

664,005

CURRENT ASSETS

Stocks

4,604

5,657

Debtors

77,089

99,357

Cash at bank and in hand

1,622

1,951

83,315

106,965

CREDITORS

Amounts falling due within one year

4

146,498

135,189

NET CURRENT LIABILITIES

(63,183

)

(28,224

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

597,084

635,781

CREDITORS

Amounts falling due after more than one
year

4

285,624

303,139

NET ASSETS

311,460

332,642

CAPITAL AND RESERVES

Called up share capital

5

1,000

Revaluation reserve

352,977

Profit and loss account

(42,517

)

(21,335

)

SHAREHOLDERS' FUNDS

311,460

332,642

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2016 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections
394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial
statements, so far as applicable to the company.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 15 August 2016 and were signed by:

J S Mogg - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The company had net current liabilities of £63,183 as at 29 February 2016. The company's bankers will provide

the company with financial support for at least the next 12 months to enable it to continue to trade and meet its

liabilities as they fall due. The director is of the belief that the company can return to profitability. Accordingly,

the director considers it appropriate for the financial statements to be prepared on a going concern basis.

Accounting convention

The financial statements have been prepared under the historical cost convention as modified by the revaluation

of certain assets and in accordance with the Financial Reporting Standard for Smaller Entities (effective January

2015).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax. Turnover is recognised when the

goods are physically received by the customer.

Goodwill

The director carried out an impairment review at the year end and concluded that the value of goodwill, acquired

in 2000, was greater than its original cost . Therefore, the policy not to amortise goodwill has been adopted in the

financial statements. This is a departure from the specific requirement of companies legislation to amortise

goodwill over a finite period for the overriding purpose of giving a true and fair view.

The effect of this departure is to not charge any amortisation of goodwill to the profit and loss account for the

period or to reduce the value of goodwill as shown in the balance sheet as at the balance sheet date.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

25% on reducing balance

The director considers that the freehold property and its improvements are maintained in such a state of repair

that their residual value is at least equal to their net book value. As a result, the corresponding depreciation

would not be material and therefore is not charged in the profit and loss account. Impairment reviews have been

prepared in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to the profit and loss account in the period to which they relate.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 March 2015

and 29 February 2016

20,000

NET BOOK VALUE

At 29 February 2016

20,000

At 28 February 2015

20,000

3.	TANGIBLE FIXED ASSETS

Total

£

COST OR VALUATION

At 1 March 2015

716,194

Additions

766

At 29 February 2016

716,960

DEPRECIATION

At 1 March 2015

72,189

Charge for year

4,504

At 29 February 2016

76,693

NET BOOK VALUE

At 29 February 2016

640,267

At 28 February 2015

644,005

4.

CREDITORS

Creditors include an amount of £ 319,934 (2015 - £ 336,051 ) for which security has been given.

They also include the following debts falling due in more than five years:

2016

2015

£

Repayable by instalments

188,635

209,323

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

1,000

Ordinary

£1

1,000

6.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 29 February 2016 and

28 February 2015:

2016

2015

£

J S Mogg

Balance outstanding at start of year

75,918

87,330

Amounts repaid

(30,056

)

(11,412

)

Balance outstanding at end of year

45,862

75,918

During the year the company charged the director loan interest of £1,618 (2015: £2,610) at HMRC's advisory

rates.

7.	CONTROLLING PARTY

The company is controlled by J Mogg, the director